European equity outperformance of the US has a quarter or two remaining - UBS

UBS analyst Gerry Fowler: "We expect earnings to fall 10% in both Europe and the US. US valuations are expected to be more volatile than in Europe. At the market trough in Q3, we think the US market trades on 16x forward earnings of 214 but valuations there recover more rapidly when the Fed is closer to cutting rates. European valuations are expected to be less volatile."

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